THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
30 June 2023
AJAX RESOURCES PLC
("Ajax" or the "Company")
Final results for the year to 28 February 2023
Ajax [LSE: AJAX], the UK listed special purpose acquisition company with a focus on natural resources, is pleased to publish its audited financial statements and annual report for the year to 28 February 2023 (the "Annual Report"). A copy of the Annual Report will shortly be available for download on the Company's website, www.ajaxresources.com, and can also be viewed here:
http://www.rns-pdf.londonstockexchange.com/rns/5624E_1-2023-6-30.pdf
Key elements from the Annual Report have been extracted and can be viewed below.
- ENDS -
Further Information:
| Ajax Resources Plc Ippolito Cattaneo, Chief Executive Officer | Tel: + 44 (0) 208 146 6345 info@ajaxresources.com |
| Allenby Capital Limited (Financial Adviser) Nick Harriss / Daniel Deardon-Williams | Tel: + 44 (0) 203 328 5656
|
Statement
I am pleased to report the audited financial statements to shareholders for the year ended 28 February 2023.
During the period, Ajax listed on the Main Market of the London Stock Exchange on April 7, 2022, having raised a total of £1,342,000 (before expenses) following Ajax's successful initial public offering ("IPO"), and started the research of an opportunity to acquire an asset.
Since this time, the Company has been active in reviewing several opportunities in the natural resources sector focusing on production and development assets in low-risk jurisdictions, as outlined in the Company's IPO Prospectus.
The Directors, who founded the business, have a significant interest in the share capital of the Company and look forward to delivering on the commitment made by shareholders.
Outlook
As we look to our future progress, we are encouraged by the current energy pricing climate and the many opportunities we believe this has created for experienced and well-connected management teams. Our efforts are fully centered on identifying and completing an acquisition with transformational value creation potential for shareholders.
The demand for energy, specifically that to be provided through the use of battery metals including Lithium, Nickel, and Cobalt, is expected to increase exponentially in the years ahead. To this end, the Company is looking to position itself at the forefront of the ongoing energy transition away from fossil fuels to a low-carbon economy.
I would like to thank all shareholders for the support they have shown for the Company's IPO, and we look forward with enthusiasm to our progress in the near future.
STATEMENT OF COMPREHENSIVE INCOME
| | | | |
|
| Notes | Year to 28 February 2023 £ | From 21 June 2021 to 28 February 2022 £ |
|
| | | |
| Revenues |
| - | - |
| Cost of sales |
|
| - |
| Gross profit | | - | - |
|
| | | |
| Other interest receivable |
| 16,305 | - |
| Administrative expenses |
| (876,022) | (79,625) |
| Operating loss and loss before income tax | 4 |
(859,717) | (79,625) |
|
| | | |
| Taxation | 5 | - | - |
| Loss and total comprehensive loss for the period |
|
(859,717) | (79,625) |
|
| | | |
| Loss per share attributable to the equity holders (pence) Basic Diluted | 6 |
(1.84) (1.84) |
(0.96) (0.96) |
The notes to the financial statements form an integral part of these financial statements and can be viewed on the link to the Annual Report above.
STATEMENT OF FINANCIAL POSITION
| | Notes | Year to 28 February 2023 £ | From 21 June 2021 to 28 February 2022 RESTATED £ |
|
| | |
|
| Current assets | | | |
| Receivable from shareholders | 8 | - | 38,585 |
| Other receivables | 8 | 16,305 | - |
| Promissory Notes granted | 8 | 337,508 | - |
| VAT Credit | 8 | - | 11,952 |
| Cash and cash equivalents | 9 | 757,160 | 625,000 |
|
|
| 1,110,973 | 675,537 |
| | | | |
| Total assets | | 1,110,973 | 675,537 |
| | | | |
| Equity | | | |
| | | | |
| Ordinary shares | 10 | 468,125 | 120,000 |
| Share Premium Reserve | 10 | 1,019,035 | |
| Options & Warrants | 10 | 518,200 | |
| Retained earnings/(loss) | |
(939,342) | (79,625) |
| Total equity | | 1,066,018 | 40,375 |
|
| | | |
| Current Liability | | | |
| Other payables | 11 | 44,955 | 635,162 |
| | | | |
| Total equity and liabilities | | 1,110,973 | 675,537 |
STATEMENT OF CHANGES IN EQUITY
|
| Ordinary share capital | Share Premium Reserve | Warrants and share options | Retained losses | Total |
| | £ | £ | £ | £ | £ |
| Balance at 21 June 2021 | 12,500 | - | - | - | 12,500 |
| Share issue | 107,500 | - | - | - | 107,500 |
| Loss and total comprehensive income for the period | - | - | - | (79,625) | (79,625) |
| Balance at 28 February 2022 | 120,000 | - | - | (79,625) | 40,375 |
|
|
|
|
|
|
|
| Share issue | 348,125 | - | - | - | 348,125 |
| Share Premium | - | 1,044,375 | - | | 1,044,375 |
| Share issue costs | - | (25,340) | - | | (25,340) |
| Warrants issued | | | 96,000 | | 96,000 |
| Options issued | | | 422,200 | | 422,200 |
| Loss and total comprehensive income for the period | - | - | - | (859,717) | (859,717) |
| Balance at 28 February 2023 | 468,125 | 1,019,035 | 518,200 | (939,342) | 1,066,018 |
STATEMENT OF CASH FLOWS
| | Year to 28 February 2023 | From 21 June 2021 to 28 February 2022 |
| £ | RESTATED | |
|
| £ | |
| Cash flows from operating activities | | |
| | | |
| Loss before tax | (859,717) | (79,625) |
| Increase in receivables | (4,353) | (11,952) |
| Increase in payables | 34,457 | 10,498 |
| Share Based Payments | 518,200 | - |
| Net cash used in operating activities | (311,413) | - 81,079 |
| | | |
|
| | |
| Promissory Notes | (337,508) | |
| Cash flows from investing activities | (337,508) | - |
| Net cash used in investing activities | (337,508) | - |
|
| | |
| Cash flows from financing activities |
| |
| Shares Prepayment | | 646,000 |
| Proceeds from the issue of ordinary shares (net of issue costs) | 781,081 | 60,079 |
| Net cash from financing activities | 781,081 | 706,079 |
| Net increase / (decrease) in cash and cash equivalents | 132,160 | 625,000 |
| Cash and cash equivalents at the start of the period | 625,000 | - |
| Cash and cash equivalents at the end of the period | 757,160 | 625,000 |
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